in Education
472165
I was awarded money from a foundation that then transferred the money to my graduate school. The grad school applied the money towards my tuition and then gave me the rest as a stipend. Am I supposed to claim this money on my taxes or is it not taxed since it is a stipend?
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Yes, your stipend is taxable, to the extent that it wasn't used for qualifying educational expenses (tuition and fees, etc). Amounts used for room and board and other living expenses are taxable.
To report this income:
This will report your fellowship on line 7 (wages) of your Form 1040. You will not pay Self Employment tax on this stipend.
See the FAQ below:
https://ttlc.intuit.com/replies/3651222
Yes, your stipend is taxable, to the extent that it wasn't used for qualifying educational expenses (tuition and fees, etc). Amounts used for room and board and other living expenses are taxable.
To report this income:
This will report your fellowship on line 7 (wages) of your Form 1040. You will not pay Self Employment tax on this stipend.
See the FAQ below:
https://ttlc.intuit.com/replies/3651222
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